http://www.clipsyndicate.com/rss/feed/2928 http://player.clipsyndicate.com/view/2928/636663 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/636663?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/4/58/351/44011b99-3030-4dd2-8c9c-71d347b05fd8_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>Analysis by Manus Cranny of MF Global Investors</td></tr></table> http://player.clipsyndicate.com/view/2928/636663?cpt=8&wpid= Fri, 04 Jul 2008 09:14:00 +0000 Insight, Outlook For European Stocks Trading http://player.clipsyndicate.com/view/2928/636663?cpt=8&wpid= Bloomberg-Clip well, the u.s. markets are closed today for the independence day holiday but it is business as usual in europe. joining us from london, manus. thank you so much for joining us. let's begin with bradford & bingley. we know moody's cut their debt rating by four levels yesterday and t.p.g. withdrew their investment offer. can you tell us how this is going to affect the european market today? >> it kicked off or european market on a negative ting. it caused the institutional sheryls, the other key shareholders having to come in and shore up this rights issues. t.p.g. as blotted their book as far as integrity is concerned. yes, there is a downgrade but yesterday suggested they would stand by this deal and draws into question the underwriters' concerns and may bring into play, one strange suggested he too would like to bid for the entire 50% of the rights issues within bradford & bingley so it is going to be an interesting one the stock is definitely under pressure. royal bank of scotland, hbos and barclays all under a little bit of pressure this morning. >> what do you think about the issue of private equity investment credibility? >> well, it is all about credibility. we've already seen that whole issue of underwriters, citigroup, u.b.s., eths getting involved in a number of issues. equity has been a savior in a certain sense. city bank. private equity are going to be looking to these opportunities. there is an investment banger called revolution. he set aside two billion pounds. there is the per sfreppings the private equity side these are opportunities for them. >> let's talk about u.b.s.. you were just mentioning that. the european bank hardest hit by the u.s. subprime crisis. it said it may avoid a loss in the second quarter. amid more write-downs. the c.e.o. is cutting 5rks500 jobs. where do you think u.b.s. is headed? >> there is a reprieve here. don't forget they have already written down $38 billion worth of exposure to the subprime market. this seems to be one of the most hard-hit players. everybody taking real write-downs. we do expect more write-downs to come but it is interesting they are talking about break even. yes, the asset management, the wealth management side is supporting the overall write-downs that they are seeing on the investment banking side. the capital stands around 11.5%. they are reaffirming unlikely that they will need additional financing. this is kind of what the market wants to hear. we have another write-down. we don't a faptifyable amount on that. they are not talking about additional capital raising. this is voluntary information they are giving. desnite goldman sachs has done great. the sector here in europe may need 60 and 90 billion euros on the back of these write-downs. >> thank you so much for joing us this morning as manus cranny of m.s. global. <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636663&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636663&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> LON:BB Business,News http://player.clipsyndicate.com/view/2928/636633 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/636633?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/4/58/351/e2a0eb06-5a91-4557-9f0d-10c05f54edeb_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>UBS says it may avoid quarterly loss on tax credits; UBS shares rose 7.6% at European open, after bank forecast 'break even' in second quarter; Analysis by Madeleine Hofmann of Bank Julius Baer</td></tr></table> http://player.clipsyndicate.com/view/2928/636633?cpt=8&wpid= Fri, 04 Jul 2008 08:09:00 +0000 Inside Business: UBS May Avoid Quarterly Loss On Tax Credits; Outlook For Banks http://player.clipsyndicate.com/view/2928/636633?cpt=8&wpid= Bloomberg-Clip <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636633&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636633&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> VTX:UBSN Business,News http://player.clipsyndicate.com/view/2928/636571 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/636571?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/4/58/351/0ef6ae34-20d9-48d6-be50-34d1f4bc1f9c_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>Equity strategy amidst rate hikes, surging inflation & slowing growth; Analysis by Bernd Meyer of Deutsche Bank</td></tr></table> http://player.clipsyndicate.com/view/2928/636571?cpt=8&wpid= Fri, 04 Jul 2008 06:12:00 +0000 Equity Market Slump; Impact Of Oil Prices, Central Bank Rates On Equities; Banking Sector & Equities http://player.clipsyndicate.com/view/2928/636571?cpt=8&wpid= Bloomberg-Clip <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636571&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636571&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> News,Business,Bloomberg Business News,Banking,Energy http://player.clipsyndicate.com/view/2928/636533 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/636533?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/4/58/351/4661e2e0-5402-4c20-b0f8-ee994c5796a9_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>Trichet says rate increase will bring down Eurozone inflation; Speech by Jean-Claude Trichet, European Central Bank President; Analysis by Jake Lee of Bloomberg News</td></tr></table> http://player.clipsyndicate.com/view/2928/636533?cpt=8&wpid= Fri, 04 Jul 2008 04:05:00 +0000 Insight, Outlook For European Rates & The Euro http://player.clipsyndicate.com/view/2928/636533?cpt=8&wpid= Bloomberg-Clip the european central bank president is playing down prospects of further interest- rate increases. they raised their benchmark lending rate to 4.25%. >> the monetary policy stance after today's decision, which contribute to achieving our objective of price stability. we are never pre committed. it is a constant feature of our monetary policy. we do what is necessary to deliver price stability in the medium term and be credible and that delivery. >> at thursday's 0.25% increase will help bring inflation back below 2%. we saw the little bit of a rebound, but that was chili weakness for the zero after this decision. >> we have the u.s. off for the july 4 holiday. he really is damping down prospects of further interest- rate increases. traders took that as a bad sign. they just sold the euro down to a one week low against the dollar. with respect to bnp, he says that ecb is on neutral stocks. there have been no more interest-rate increases through the year. there is not enough reason to keep pushing and hire from this level. >> that it explains why the pound crew against the euro. nobody much likes the pound because of the uk subprime cris. >> the pound has really suffered. they are finding it an excuse to perhaps get back in at some kind of level. >> what is the general view on the yen? >> they are saying that it could push stronger. there are some concerns about subprime. even though the economic news is bad and there is some inflation, they are saying that the yen can be stronger as the dollar is in a general downward spiral. nobody is betting against that quite yet. <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636533&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636533&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> News,Business,Bloomberg Business News,Banking,Economy http://player.clipsyndicate.com/view/2928/636687 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/636687?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/4/83/376/47263920-4fff-437e-b0dd-447db6cd2e05_120x90.jpg' border='0' /></a></td><td style='padding:5px;'></td></tr></table> http://player.clipsyndicate.com/view/2928/636687?cpt=8&wpid= Fri, 04 Jul 2008 00:00:00 +0000 See Milwaukee's US Bank July 3rd Fireworks http://player.clipsyndicate.com/view/2928/636687?cpt=8&wpid= FOX WITI Milwaukee, WI <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636687&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636687&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> News,Local News http://player.clipsyndicate.com/view/2928/636176 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/636176?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/100/409/f085569d-824b-40c4-8529-3ac67e18a904_120x90.jpg' border='0' /></a></td><td style='padding:5px;'><b>UTICA</b> - The vacant Park West Regency Apartment Building that was the victim of fire Wednesday night is in foreclosure. The building Thursday sported a for sale sign and had a hefty back tax bill. </td></tr></table> http://player.clipsyndicate.com/view/2928/636176?cpt=8&wpid= Thu, 03 Jul 2008 18:11:23 +0000 Site of West Street fire was in foreclosure http://player.clipsyndicate.com/view/2928/636176?cpt=8&wpid= WKTV Utica, NY <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636176&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636176&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> News,Local News,Emergencies & Disasters,Fire http://player.clipsyndicate.com/view/2928/636127 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/636127?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/58/351/9d0e3386-5f5c-493f-a9d4-318964e1cd07_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>Analysis and Discussion with Ashraf Laidi of CMC Markets</td></tr></table> http://player.clipsyndicate.com/view/2928/636127?cpt=8&wpid= Thu, 03 Jul 2008 17:44:00 +0000 Currency Outlook: Trichet Saying Rate Increase Will Bring Down Inflation http://player.clipsyndicate.com/view/2928/636127?cpt=8&wpid= Bloomberg-Clip the ecb president, trichet, said earlier today that a rate increase will bring down inflation. the chief currency analyst at cmc markets joins us with his outlook for the euro and the dollar. thank you for joing us. first, it is more concern to us what the rate increase in your does to the dollar, and i'm guessing we will not see the kind of strength going forward that we see today. >> no, but it shows that the strengthening in the euro will not necessarily have been, not only because of the head of the ecb says it will not recommit to further rate hikes. they never recommit to further rate hikes for the next meeting. there deepening signs of erosion in france, spain, and germany. every currency trader knows the the added to increase interest rates is battling inflation, and that could be to the detriment of growth. people are being careful pushing the euro above 1.5950. >> are they in the sense that inflationary scenario that we are in europe? >> -- are we in the same stagflation scenario? >> oil costs much more there than here. the problem is that inflation is more of a priority. it is twice as much as the mandated level that is imposed by the ecb upon itself. > want to bring in our featured guests here. >> i was going to ask -- until yesterday, mr. trichet was talking about inflation exploding and left the possibility of a series of rate hikes in the future. today, it was almost like a different human being given the press conference and talking about having no bias toward further hikes, and he's also talking in terms of inflation coming down all because of one rate hike today. is he changing his place? >> not at all. the ecb or monster is unsettling the currency. the difference between yesterday and today is not a different human being. it is the time. we wanted to let the market really know that they're going to be raising rates today. that is why yesterday he said it is losing end and inflation in the same sentence. - he said the word exploding and inflation in the same sentence bid up today, he never once said it will signal further rate hikes. they used to raise rates every other month, and they never signaled that a month before. that is very important. the other reason is that he said there is no bias. had he done that, imagine what would happen to the euro. it would have pushed higher above 1.60 and oil would have gone up. it would have made their job more complicated. >> did you want to go on? >> does that not create a problem of credibility if he changes from yesterday to today? he will be tough again before the next meeting, and then after the meeting he may switch. are people thinking they cannot get a feel for what the ecb is about and where it is headed? >> it is not really a switch. they're walking a tight rope. he did say that the risks to growth are clearly to the downside. he continued to say that inflation is increasing. as far as the emphasis is concerned, it was a very much in there. there is one central bank that is not losing the credibility, and it is the ecb. >> about the dollar, we always following a strong dollar policy in the u.s. treasury, but the administration seemed to like better exports with the weaker dollar for a while. are they really behind a stronger dollar now, and can the government do something to help develop of strength? >> after june 3, the famous speech by bernanke's and after hank paulson told the saudis not to revalue in the french were talking about a strong dollar, we were thinking there is going to be a big move their. however, they are being careful not to set themselves for being expected to intervene. they're talking of the dollar. that is fine in great, but the fundamentals out there are not helping that. >> thank you so much for joining us. <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636127&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636127&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> Business,Economy,Banking,Bloomberg Business News http://player.clipsyndicate.com/view/2928/636062 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/636062?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/58/351/43454217-cbf5-46dd-bb8e-34d6f6c842f5_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>Ohio Arson Damages Up 52% in 2006 After Home Sales Began Falling in 2004</td></tr></table> http://player.clipsyndicate.com/view/2928/636062?cpt=8&wpid= Thu, 03 Jul 2008 16:25:00 +0000 Arson Surges for Foreclosed Homes Lost to U.S. Subprime Crisis http://player.clipsyndicate.com/view/2928/636062?cpt=8&wpid= Bloomberg-Clip as mortgage defaults rise the most in 70 years, many homeowners are finding another way out of their dilemma. this one is legal, though. maithreyi seetharaman -- this was -- this one is illegal, though. maithreyi seetharaman talked about arson. >> a dire prediction made by the chief of a fire marshal division. nevada had the highest foreclosure rate in the first quarter with one foreclosure filing for every 54 homes. compare that to the national average of one out of every 194. last year arson in vacant buildings was up about 4% in nevada and he says the number may grow. take a look at alive, one out of every 161 households had a foreclosure filing -- taking a look at ohio. arsons rose 18% in 2006. the damage as climbed 52% to more than $22 million from a year earlier in the state where home sales started to drop off in late 2004, that is one year before the rest of the country. national are some statistics for 2007 will probably show a significant increase as well, and that would be in tandem with the national rise of foreclosures, according to the coalition against insurance fraud. in the last housing slump, the number of annual fires rose to almost 117,000 in 1992. in 2006 when the median price of a home was at the all time i, arson that year dropped to just 31,000 cases, that is according to the u.s. fire administration. almost two-thirds of fires that occurred in vacant buildings are intentionally set, according to the national fire protection association. the biggest concern in nevada is the safety of the firefighters. >> thank you very much. <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636062&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636062&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> Personal Finance,Mortgages & Real Estate,Emergencies & Disasters,Fire,arson http://player.clipsyndicate.com/view/2928/636053 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/636053?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/58/351/dfb60103-850c-42c0-8459-a5833d926297_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>Credit Suisse Mining for Opportunities After Massive Sell-Off, Says Metals and Commodities Overall Will Rise on Strong Fundamentals Despite Macro Concerns</td></tr></table> http://player.clipsyndicate.com/view/2928/636053?cpt=8&wpid= Thu, 03 Jul 2008 16:17:00 +0000 Analyst Actions: Suisse on Metals http://player.clipsyndicate.com/view/2928/636053?cpt=8&wpid= Bloomberg-Clip from u.s. growth to global growth, we will talk metals and mining on the heels of the biggest drop in ming stocks and more than a year yesterday. one bank today is telling clients to jump in. for more on that, we bring in michele steele with details. >> we have a sell-off in ming stocks today as well. the sell-off this week should not spoken busters, on the contrary, it did give investors a reason to buy the levels, a least according to credit suisse, that is because copper and other commodities would continue to advance of all, according to the firm. let us take a look of the ft-se 350 ming index, it tracks 13 companies including bhp billiton and rio tinto, it had declined 13% since the close of june 30, the biggest three-day drop since may 2007. according to an analyst at credit suisse, fundamentals remain very strong despite rising macroeconomic concerns, for instance, tuesday, rio tinto agreed to record higher oil prices -- iron ore prices from chinese filmmakers, although it is down of the moment it did hit a record high just yesterday over concerns over a strike include oil. there is a chinese angle, china is the biggest consumer of copper. it could advance to $12,000 a ton. one analyst says march -- watch of the march low on the basic materials spider that includes mining stocks like newmont and freeport-mcmoran. she says levels technically important to preserve the bullish trend on the xlb and using the correction as a buying opportunity and is not expect the spider to break below that level because of a long-term bullish outlook for these commodities. >> thank you very much. <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636053&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636053&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> NYSE:BHP, NYSE:RIO, AMEX:XLB Business,Energy,Bloomberg Business News http://player.clipsyndicate.com/view/2928/636034 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/636034?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/58/351/49f881ea-33b0-4f63-a9c1-9f0136492f12_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>Labor Market Losses - Analysis and Discussion with Nariman Behravesh of Global Insight</td></tr></table> http://player.clipsyndicate.com/view/2928/636034?cpt=8&wpid= Thu, 03 Jul 2008 16:13:00 +0000 Economic Expectations: Consumer Spending to Deaccelerate Very Dramatically Once Rebates Wear Off http://player.clipsyndicate.com/view/2928/636034?cpt=8&wpid= Bloomberg-Clip it is all about the jobs report today. with that in mind, we take it to boston and we speak with nariman behravesh, chief economist at global insight. as always, glad to have you with us. that job did a pretty much in line with what you were looking for. you said 65,000, we cut 62,000. what do you think? is the economy in a mild recession? >> i think the numbers are very consistent with the u.s. economy being in a mild recession. the numbers suggest that we lost 430,000 jobs in the last six months. we had six months of decline. but these are not huge. if you look historically, these are relatively modest declines, so it is consistent with a bad if not unlawful -- but not awful picture. from that perspective, everything suggest that we are still in a sort of mild recession. >> business services fell for the second straight month. it doesn't ring and the alarm bells? or is it more about seasonality? >> most of that drop in business services is temporary jobs. a lot of businesses in this kind of situation will stop hiring temps workers before they start to lay off workers or stop hiring, and so it is still a case of the tumbler workers dominating that number. but again, it is not all temp workers. it is a number will keep looking at. it gets much bigger and becomes more than just a temp workers, it will start to worry us. >> wage inflation looks tame. average hourly earnings dated exactly in line with estimates. can the fed stay on hold? it will not be forced to raise rates? >> i think these numbers across the board -- the job loss numbers, the way to numbers, all of these i think will reinforce the notion that the fed can be on hold. inflation, in terms of underlying foundation inflation is really not a problem. although there is certainly plenty of signs of weakness in the real economy. so i do not think the fed will raise rates. i think is very unlikely it will raise rates. >> good news may be for corporate america or the economy is may be bad news in the meantime for individual workers. in the conference board, the latest survey shows people are the most worried about holding on to other jobs since about december of 2003. does that imply fewer workers will ask for raises, we sort of did not have a wage price spiral? is the idea that could be avoided, sec -- speculation avoided? >> absolutely right. in this environment you are not going to ask for a pay increase, you are not going to have wage inflation. separately, you are not going to have a lot of these higher and it costs being passed on -- to consumers and businesses. the past through on higher energy prices have been minimal, and it is a tough environment to ask for price and wage increases, so i think the motion of stagflation in its most virulent form, if you will, that risk is very low. but because you're over year, 3.4% and when you go back to the 1970's, it was about 8% or as high as ten percent. >> and productivity growth remains reasonably strong. you take that into account and unit labor costs are very low. the growth in unit labour cost is below 2%. >> what do you think in general about the u.s. consumer? some pretty big voices on wall street says the consumer is just plain tapped out. >> i think there is some truth to it. one to the affect of the tax rebates wears off, we do expect consumer spending to decelerate very dramatically, maybe even go into reverse briefly. so, it's is a problem. the consumers are facing a bad job situation, high gasoline prices, a stock market that is not doing well, and then you have the housing problem on top of all of that. so, yes, they are not happy, and the spending i think will continue to reflect that. >> fourth quarter gdp, you are still saying it that that is the first spot where we could see negative growth? >> that is what we are saying, the first negative will be fourth quarter, there is a small chance we could see one in the third quarter. what we are worried about is all the effects of the rebate, that we have seen them in the second quarter. but there is a small chance still that the third quarter could be very weak, maybe even negative. >> do we need a second stimulus package? >> people are talking about that. yes, i guess that would certainly help things. >> thank you very much. <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636034&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636034&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> Business,Economy,Bloomberg Business News http://player.clipsyndicate.com/view/2928/636024 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/636024?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/58/351/b03a6980-0718-42ca-99b3-5c6e3073b156_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>Former Refco CEO Bennett Faces Sentencing for Investor Fraud; Ex-Hudge Fund Manager Israel Reportedly Committed Suicide Attempt Before Jumping Bail, Judge Orders Prison Sentence Must Begin Immediately</td></tr></table> http://player.clipsyndicate.com/view/2928/636024?cpt=8&wpid= Thu, 03 Jul 2008 16:07:00 +0000 Legal News: Bennett Faces Investor Fraud, Israel Goes Before Judge http://player.clipsyndicate.com/view/2928/636024?cpt=8&wpid= Bloomberg-Clip we are following a pair of stores on white-collar crime. former chief executive of -- he faces sentences for defrauding investors of $2.4 billion. these are the pictures of him writing accenting. he faces as much as life in prison. he pled guilty in february to crimes including bank and securities far -- fraud. he was once the biggest independent futures broker in the state. another update on a former financial titan, samuel israel, convicted founder of the hedge fund firm, he faked a was sought -- suicide in june to bail. he told a new york judge that he really did try to kill himself before jumping bail. he had been sentenced to 20 years in prison in april, this is after he pled guilty to securities fraud for directing the $400 million scheme. after he disappeared from his car was found on a bridge near new york city with the words, suicide is painless, crittenden dust on the windshield. the judge says israel must begin serving his sentence now, and israel also faces new bail jumping charges that could add an additional 10 years behind bars. <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636024&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636024&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> Law & Legal Issues,Emergencies & Disasters,Crime,scam,Legal http://player.clipsyndicate.com/view/2928/635986 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/635986?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/58/351/1cd94014-0b2b-4d91-bbe8-f83c20d2c656_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>U.S. Loses Jobs - Roundtable Discussion with Drew Matus of Merrill Lynch and David Pearl of Epoch Investment Partners</td></tr></table> http://player.clipsyndicate.com/view/2928/635986?cpt=8&wpid= Thu, 03 Jul 2008 15:31:00 +0000 In-Depth Look: June Job Losses (Part 1) http://player.clipsyndicate.com/view/2928/635986?cpt=8&wpid= Bloomberg-Clip u.s. job losses for the sixth consecutive month. employers cut slightly more employers -- employees than forecast. for more on what we can expect for the labor market and the fed, we are now joined by david pearl, head of u.s. equities at epoch investment partners, as well as drew matis from merrill lynch. i would have to call this of very bearish forecast, looking for laughs -- losses of 110,000 jobs. does this change the way that you look at the labour market? >> it does not. our forecast of 110,000 jobs -- when you account to the revisions of the prior month, it is almost spot on. without revisions it was 114. 52 runs the revision. when push comes to shove, we were off 14,000 on the overall level we should expect this month. > what does that tell us about the economy and the labor market going forward? we have a much better idea now of what happened over the past three months. look six months, 12 months into the future. what should we expect? >> i would expect future losses in the labour market. there are forecast or deteriorating growth in the first half of next year. if you have weaker growth, you have weaker employment. > how bad the you think is going to get? if you had to estimate -- if you have to analyze and look down into the next six months, how bad will the job losses be on a monthly basis? what is the worst number we might see? >> we were anticipating 110 this month and we were in a corner -- quarter where we expected some growth. we should expect something above 105,000 in the near future. >> hang on for a moment. i want everybody to know that there is an alert coming across the terminal. toll brothers's senior debt rating has been downgraded to junk by moody's. they say debt is no better than junk-rated. that will change the picture for people who have restrictions when they can only invest in investment-grade debt. i want to get more perspective on the economy and the labor market from our guest. david pearl, you have been listening. how do you feel as an investor, especially when you factor in some of the forecasts drew it is making for the market? -- as making for the market? >> government spending, government hiring, that cannot continue. proceeds are going to be down due to less taxes collected. the question is in the consumer economy versus the corporate economy. consumer spending is down, retail, financial services. real-estate construction, they are all going to be down. but the rest of the economy, technology, not consumer technology which has been doing well. the economy has really taken a nosedive and so do a job losses to accelerate or do they have a more shallow decline? we had a shallow job recovery over the past few years but with productivity we may not have the worst case scenario. > speaking of, at least an alarming scenario, back to you, drew. i want to talk about your forecast for the unemployment rate. you are looking for something in the order of 6% or above. when you expect to meet that? > it is the trend to 6% at a worse time for us. in terms of putting an exact date for that, i would hesitate to do that. - is worrisome for us. people will find it more difficult to find jobs. if that occurs, people will have more difficulty earning income, if they cannot earn income, they cannot spend it. that is the pattern we are expecting in the economy once the tax rebates 8, there is not a lot supporting the economy. it will become evident that that is the case. we are going to a much weaker economic outlook. <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635986&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635986&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> Business,Economy,Banking,Bloomberg Business News http://player.clipsyndicate.com/view/2928/635842 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/635842?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/58/351/abd96e25-1d2c-4801-b1a0-cc0e3d02b296_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>Oil rises to record $145.43 as ECB likely to raise rates; Report by Sean Evers of Bloomberg</td></tr></table> http://player.clipsyndicate.com/view/2928/635842?cpt=8&wpid= Thu, 03 Jul 2008 09:31:00 +0000 Oil Rises To Record As ECB Likely To Raise Rates http://player.clipsyndicate.com/view/2928/635842?cpt=8&wpid= Bloomberg-Clip oil hit a record this morning soaring past $145 barrel a barrel. topping out athere's a look at the current $145.43. trade now. it is at $145.130. economists predict the european central bank will raise its 4% bench mark rate by a .25% rate today. it would weaken the dollar. spurring commodity buying as a hedge against inflation. in a press briefing in london this morning u.s. treasury secretary henry paulson said the u.s. is in a tough quarter and that the oil prices may prolong the economic slowdown. for more on oil, bloomberg's sean verse jones us degrees, sean evers joins us. >> it has been on a move since the iraq war in 2003. five years ago at $25 a barrel and here we are where we are today. last year in particular we have seen oil prices double. the main driver during that period has been the weak dollar. every time dollar weak tight end oil price went up. that correlation happens 95% to 96% of the time. if there is any that you want the u.s. dollar could reduce its weakness trend then the oil price has a chance to come down. that is unlikely at the moment because we're looking at the e.b.c. raising rates today so the dollar is going weaken further. >> what is the immediate term outlook for oil prices? >> it is another one of those factors to supporting oil prices at these levels. the world is existing with a capacity of about two million barrels a day in spare capacity. most of that is in saudi arabia. the international agency came out yesterday and forecast within three or four years that spare capacity will be down to one million barrels a day. that is essentially saying supply and demand are neck and neck and any disruption to supply basically there would be a shortage. so idle capacity, extra capacity is absolutely vital to have any chance of bringing the median term prices down from these levels. last week the u.s. energy secretary was in the neighborhood here and he said he wants spare capacity to be up four million but it will be at one million according to the i.e.a.. it is absolutely vital for the median term oil price. >> is anyone happy with oil prices at these levels? >> one might argue i'm sitting in a neighborhood where there must be a lot of smiling faces. i'm certainly not smiling and a lot of people in this neighborhood, although there is a lot of oil money sloshing around it comes with a punitive inflation rate of 15% to 20%. that is starting to affect businesses in region. it is one of the few regions in the world where oil prices at these levels should be bringing an economic boom but it is not a free lunch. inflation is really starting to cripple the economic activity particularly here in dubai and the u.a.e. and spreading out to other places. >> thank you so much, sean. <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635842&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635842&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> Business,News http://player.clipsyndicate.com/view/2928/635741 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/635741?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/58/351/322dbab9-967f-4858-870f-fa99968cc59a_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>Commercial Bank of Qatar plans to raise up to $1 billion, VIA offering today; Commercial Bank of Qatar raised $900 million from new and existing shareholders only; Analysis by Andrew Stevens, Commercial Bank of Qatar CEO</td></tr></table> http://player.clipsyndicate.com/view/2928/635741?cpt=8&wpid= Thu, 03 Jul 2008 08:09:00 +0000 Inside Business: Commercial Bank Of Qatar Plans To Raise Capital http://player.clipsyndicate.com/view/2928/635741?cpt=8&wpid= Bloomberg-Clip <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635741&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635741&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> DOH:CBQK News,Business,Bloomberg Business News,Banking http://player.clipsyndicate.com/view/2928/636339 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/636339?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/4/93/386/f69d065d5c58e6d0c9972a1574277a81_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>As many homeowners struggle to keep up with their mortgages, some are turning to short sales as a way out.</td></tr></table> http://player.clipsyndicate.com/view/2928/636339?cpt=8&wpid= Thu, 03 Jul 2008 07:45:06 +0000 Short Sales Becoming Popular Alternative To Foreclosure http://player.clipsyndicate.com/view/2928/636339?cpt=8&wpid= KGTV ABC San Diego <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636339&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636339&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> News,Local News,Personal Finance,Mortgages & Real Estate http://player.clipsyndicate.com/view/2928/635697 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/635697?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/58/351/73f6aea5-d7f1-472e-a014-74c2c1de1af3_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>Economists see ECB rate hike today; Analysis by David Kohl of Bank Julius Baer</td></tr></table> http://player.clipsyndicate.com/view/2928/635697?cpt=8&wpid= Thu, 03 Jul 2008 05:45:00 +0000 ECB Rate Decision Preview; Euro-Zone Inflation & Euro-Zone Economy Outlook For European Markets http://player.clipsyndicate.com/view/2928/635697?cpt=8&wpid= Bloomberg-Clip <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635697&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635697&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> News,Business,Bloomberg Business News,Banking,Economy http://player.clipsyndicate.com/view/2928/635681 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/635681?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/58/351/6287d7ef-f68a-4967-bf67-ff47f613f0c3_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>Analysis by Jean-Claude Trichet, ECB President; European Central Bank is set to raise interest rates today; Analysis by Paul Robson of Royal Bank of Scotland; Report by Marie Louise Moller of Bloomberg News</td></tr></table> http://player.clipsyndicate.com/view/2928/635681?cpt=8&wpid= Thu, 03 Jul 2008 04:52:00 +0000 European Rate Rise Expected http://player.clipsyndicate.com/view/2928/635681?cpt=8&wpid= Bloomberg-Clip and shortages. >> fertilizers are used to grow corn and an energy is supplied and converted to fuel. it is clear to everyone that this is not efficient. corn should be eaten, not turned into fuel. > the spokesman also told us that the prime minister will ask world leaders to figure out how to curb rising fuel costs. it will press its counterpart to lift restrictions on grain exports. the european central bank is set to raise interest rates today. all but one of 58 economists forecast a rise brit and the aim is to cool inflation. would one increase be enough? she now reports. >> he said it before. >> the anchoring of inflation expectations is the major goal of the governing council of the ecb. >> he probably will say it again. especially after inflation climb to 4% last month, the highest in more than 16 years and 2% over the ecb ceiling. he has made it clear telling the european parliament that that ecb will do what it takes to fight inflation. >> we could decide to move our rates by a small amount in our next meeting in order to secure the solid anchoring of inflation expectations. >> he is expressing reports -- support for the inflation hawks on the council's. companies like basf had to raise prices by as much as 30%. some policy makers like one from spain said that raising interest rates may harm that economy. portugal's economy shrank in the first quarter. ireland may fall into recession this year. spain may do the same next year. italy is also vulnerable. other national economies have been resilient. germany grew at the fastest pace in two years in 2008. to tackle inflation, the central bank may have to raise foreign costs more than once despite his statement that the ec beet never preached the mets. <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635681&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635681&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> News,Business,Bloomberg Business News,Banking http://player.clipsyndicate.com/view/2928/635676 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/635676?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/58/351/3f5bd7ee-9f9f-4419-8e41-4ec36be37499_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>World Bank asks G-8 & oil producers for $10 billion aid to offset high oil prices; World Bank Chief warns food crisis entering 'danger zone'; US shouldn't use corn for biofuel, Japanese government says; Analysis by Nobutaka Machimura, Japan Chief Cabinet Secretary</td></tr></table> http://player.clipsyndicate.com/view/2928/635676?cpt=8&wpid= Thu, 03 Jul 2008 04:51:00 +0000 Political Insight On Surging Food Prices http://player.clipsyndicate.com/view/2928/635676?cpt=8&wpid= Bloomberg-Clip food prices are entering a danger zone. it wants the g8 and oil producers to come up with $10 billion to help poor countries cope. they say that high grain and oil costs are a man-made catastrophe. it could push 100 million people deeper into poverty and create civil unrest. japan has urged the west not to produce corn to produce alternative fuels. see the top government spokesman told bloomberg that such a move would add to global fuel costs and shortages. >> fertilizers are used to grow corn and an energy is supplied and converted to fuel. it is clear to everyone that this is not efficient. corn should be eaten, not turned into fuel. > the spokesman also told us that the prime minister will ask world leaders to figure out how to curb rising fuel costs. it will press its counterpart to lift restrictions on grain exports. <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635676&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635676&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> Business,Banking,Bloomberg Business News,Energy http://player.clipsyndicate.com/view/2928/635670 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/635670?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/58/351/07d2361f-8a5a-4e35-abb8-7290a2c4bf2b_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>World's largest ferris wheel will open in Beijing's Chaoyang Park in 2009; UniCredit granted bank loan to world's largest observation wheel in June; Analysis by Stephan Matter, Great Wheel CEO</td></tr></table> http://player.clipsyndicate.com/view/2928/635670?cpt=8&wpid= Thu, 03 Jul 2008 04:41:00 +0000 Business Of Travel: World's Largest Ferris Wheel To Open In Beijing http://player.clipsyndicate.com/view/2928/635670?cpt=8&wpid= Bloomberg-Clip >> at this time for our business of travel segment. observation wheels is a great job for a corporation. this started building the world's tara -- cullis observation wheel. it is overtaking a singapore will which it also built. it is planning other projects. investors including a fund owned by abn amro guessing that the wheels will be a money spinner with targeted annual returns of 8.5%. he told me exactly why these are not your old ferris wheels. >> the observation wheel is very slow, very pleasant ride. we'd like to call it the flight. the ferris wheel is more of motion, excitement, and a lot of movement and a different type of experience. > the beijing will is 208 meters high, how long will it take to do a circuit? >> it is half an hour. there is a magic half an hour. you usually have as an attention span and then after that, people get bored. we believe that half an hour gives you a good opportunity to look at a city, get a good feel for it, and then you move on. > the beige and we'll is under construction. the factory is still producing -- the beijing wiehl is under construction. the factory is still producing it. are you fully funded or do you need to look more? >> the project is fully funded. we have financial closing in february. the project is well funded for the first year of operation. from then on, the cash reserves will kick in. no need for new money for additional money. >> that assumes that your costs are under control. in the current environment, costs have been increasing. are you able to keep your costs in line? but that is a good point. to mention the increase since the last august, you sought a roughly 35% increase. you have a contract with a construction company which fixes the price and from then on it is a risk of the construction company. they will source the materials according to capacity. from that, there is no major issue on the cost side. >> the working name is the great observation wheel at the moment. you are looking for sponsors. there may be a name change. who are you looking at for sponsors? >> we are starting early talks with sponsors especially because of beijing and the importance of the city. we are talking in the name may or may not change depending on the ways that you can integrate a name. it depends on the name that you have. some names may sound a little bit awkward. >> when do you expect to decide who your sponsors will be? >> in the course of the next 12 months depending on how the cockspur -- progress. i also want to see progress. we have some bad done for the cranes. the main planning will happen after the olympics. once you can show them something happening true and real and you have plans for closing behind you, there is no reason why is sponsor should not be willing to join you. >> if there is anyone out there listening and thinks that this may be something that interests them, which kind of sum of money will people have to cough up for sponsorship? >> it is a whole package. you can talk between $2,000,000.500 dollars a year. if it depends on what else we might add or might not add to the package. our operations are in february this year. at the sponsor will get things like formula one tickets for a race to happen in september. in beijing we may offer other things to be part of the package. it is difficult to set a specific price. you do not want to have a short term. otherwise, you start to look at another sponsor sooner and it starts to deteriorate. it is something between 5-10 years and then it varies. >> a quick question on the ticket price, what is it going to cost to use this wiehl? > the average price is set at 100 rmb. that is the equivalent of a cinema ticket. in two years' time you'll have this price set at the initial price when you consider inflation, it is a pretty moderate price. you have lower prices for children, and copper packages which are more expensive. this is the average price. > he is building up world's tallest observation we'll in beijing. if you have done the singapore flyer, it is time to flip over to beijing. <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635670&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635670&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> Business,Bloomberg Business News,News,Building/Landscaping,World News,China http://player.clipsyndicate.com/view/2928/635666 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/635666?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/58/351/c1ee8cd9-5c55-4755-9ff0-8f1d9b3f0cc8_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>ADP says US companies cut 79,000 jobs in June, four times more than forecast; Analysis by Nariman Behravesh, Global Insight Chief Economist</td></tr></table> http://player.clipsyndicate.com/view/2928/635666?cpt=8&wpid= Thu, 03 Jul 2008 04:30:00 +0000 Insight, Outlook For June US Non-Farm Payroll Data; Insight, Outlook For US Economy http://player.clipsyndicate.com/view/2928/635666?cpt=8&wpid= Bloomberg-Clip the u.s. lost four times as many jobs as forecast in june. 79,000 payroll is gone. that excludes government jobs. today's official non-farm payrolls report. catherine yang spoke with the chief economist at global insight earlier today. >> i think we will see job losses tomorrow. our best guess is that it will be 65,000 on the payroll side in terms of the shrinkage of job losses. the numbers are overstated. i would take this with a little bit of grain of salt. we will see substantial job losses in the numbers tomorrow. >> what is interesting is that the report showed that the job losses are spreading to the services sector. should we not be concerned? >> i think that if it was a broad base lost in services, we would be concerned. a lot of the losses in the service sectors are focused on the financial services. they are getting hit very hard because of the subprime crisis. a lot of the wall street firms are shedding tens of thousands of jobs. from that perspective, that is where a lot of it is. the rest of the service sector seems to be doing ok. they are adding jobs. if that changes, i think that is a reason to worry. >> what is the rest of the job losses of broadening out beyond the financial sector? >> so far, it has not happened. it is a very mixed picture. you have losses in housing and construction. you have losses in the financial sector. other parts of the economy are doing okay, especially those focused on exports. if it is a mixed picture. it could darken if oil prices keep rising. if that happens, then i think all bets are off and we could be in a substantial downturn. > does that mean a recession? is that pushing wall street to a bear market? are they saying that the u.s. is now due for a recession? >> as you well know, the numbers do not show a recession. the first quarter is positive. the second quarter is likely to be a positive. the third quarter is similar. it is not until we get to the fourth quarter when we will get into negative territory. probably an -1.5 in the fourth quarter. she we are not quite there get. a lot of the numbers are sending out mixed signals. it is a very mild recession if we are in one. >> the ecb is going to be expected to raise rates, what impact do you think that would have on the fed's next move or neck statement? >> the fed has said that they are worried about inflation because of these high oil prices. in a lot will depend on what happens to inflation and the next month or two. the ecb's decision, which we think is a foregone conclusion that they will raise rates, that will not determine alone whether the fed will move. it is going to be a u.s. court inflation. if that moves up, then the fed will hike. >> by how many and how much? >> that is a good question because the economy is still weak. they do, it will be 25 basis points, maybe 50. if they do that, it will be in two meetings. that will be a symbolic move to show that the fed is on top of inflation and in command. they will not let inflation get out of control. i do not think this will be the beginning of a tightening cycle. >> how do you think the markets will react to that if this is going to be in your symbolic gesture? >> it is a way of signaling that the fed is concerned enough about inflation to do something. if they do not do anything and the inflation rate rises and they do not do anything, then i think wall street will begin to question the credibility of the federal reserve in terms of inflation finding. the fed is in a tough spot. the economy is weak and inflation is rising. if they raise 25 or 50 basis points, i do not think it will affect the outlook that much. it will affect the perception and the way that financial markets see the fed. >> it is not only the u.s. facing inflationary pressures, which have to emerging markets facing faster inflation. >> that is a very good question the issue is that we are all becoming increasingly concerned about overheating in the emerging markets, the possibility of some sort of boom, bust cycle. if the bus were to occur in 2009 or 2010, that clearly would affect our exports, which are one of the major positive factors in the u.s. economy. >> speaking there to my colleague. <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635666&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635666&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> News,Business,Bloomberg Business News,Economy http://player.clipsyndicate.com/view/2928/635635 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/635635?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/58/351/324f42e6-fad5-45e0-bc9e-6dce75f0ec93_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>General Motors: May face bankruptcy, says Merrill Lynch; May need $8 billion funding, says BOA; GM's US sales slumped 18%; GM in China: Sales growth cools to 14% from 19%; On competition from Volkswagen, Toyota </td></tr></table> http://player.clipsyndicate.com/view/2928/635635?cpt=8&wpid= Thu, 03 Jul 2008 04:20:00 +0000 GM Stocks Plummeted To More Than 50 Year Low http://player.clipsyndicate.com/view/2928/635635?cpt=8&wpid= Bloomberg-Clip the s&p lost almost 2%. worries about the u.s. economic health, the job losses we told you about earlier, and a record high for crude oil. general motors stock plummeted to a more than 50 year low. merrill lynch said bankruptcy is not impossible. gm dropped 15% below for the share. june u.s. sales fell 18%. a bank of america says that gm may need additional funding of as much as $8 billion. the plan to cut north american production by 12% this quarter. this is the worst performer on the dow industrials. the world's biggest automaker may be having a relative amount of trouble in china. the china sales growth when down by five sales ploys. the board with more than five stocks falling for everyone they gained on the new york stock exchange. 29 stocks on the s&p 500 material index posted losses. steel stocks were especially hit hard. we saw the biggest fall in steel stocks since 2002. the auto slump in the u.s. will cut demand for the metal. they also said that a mandate -- metal orders may sell. general motors closes at their lowest price since 1954 <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635635&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635635&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> NYSE:GM News,Business,Automotive,Bloomberg Business News http://player.clipsyndicate.com/view/2928/636061 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/636061?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/83/376/534a1d98-ebd3-4992-a8f0-b47fe36ee0a3_120x90.jpg' border='0' /></a></td><td style='padding:5px;'></td></tr></table> http://player.clipsyndicate.com/view/2928/636061?cpt=8&wpid= Thu, 03 Jul 2008 00:00:00 +0000 Gus Tour: Getting Ready for the US Bank Fireworks http://player.clipsyndicate.com/view/2928/636061?cpt=8&wpid= FOX WITI Milwaukee, WI <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636061&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636061&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> News,Local News,Government & Politics,Municipality,Hobbies & Interests http://player.clipsyndicate.com/view/2928/636058 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/636058?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/83/376/c017b3d0-3ab5-4841-8ca5-494804c252d5_120x90.jpg' border='0' /></a></td><td style='padding:5px;'></td></tr></table> http://player.clipsyndicate.com/view/2928/636058?cpt=8&wpid= Thu, 03 Jul 2008 00:00:00 +0000 US Bank Fireworks Display Almost Ready To Go http://player.clipsyndicate.com/view/2928/636058?cpt=8&wpid= FOX WITI Milwaukee, WI <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636058&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=636058&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> News,Local News,Government & Politics,Municipality,Hobbies & Interests http://player.clipsyndicate.com/view/2928/635437 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/635437?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/3/6/17/625218ca-3474-47eb-a186-bbc9bb619395_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>Steve Chabot vs Steve Driehaus: Housing takes center stage</td></tr></table> http://player.clipsyndicate.com/view/2928/635437?cpt=8&wpid= Wed, 02 Jul 2008 22:56:25 +0000 Foreclosures an Issue in Congressional Race http://player.clipsyndicate.com/view/2928/635437?cpt=8&wpid= WKRC CBS 12 Cincinnati <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635437&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635437&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> News,Local News,Government & Politics,Municipality,Law & Legal Issues,Legal,Personal Finance,Mortgages & Real Estate http://player.clipsyndicate.com/view/2928/635271 <table border='0' cellpadding='0' cellspacing='0'><tr valign='top'><td><a href='http://player.clipsyndicate.com/view/2928/635271?cpt=8&wpid='><img src='http://video-static.clipsyndicate.com/cs-video/vol2/2008/7/2/58/351/61fea8c2-e19f-4b9f-8735-b23253c51fd7_120x90.jpg' border='0' /></a></td><td style='padding:5px;'>Community Banks Sold Securities to CDOs, Now Being Cut Off From Capital</td></tr></table> http://player.clipsyndicate.com/view/2928/635271?cpt=8&wpid= Wed, 02 Jul 2008 20:33:00 +0000 Lending Crunch Spreads to Local Banks http://player.clipsyndicate.com/view/2928/635271?cpt=8&wpid= Bloomberg-Clip with all the focus on big banks, the smaller local lenders are also suffering and in many cases much more than the larger groups. we are talking about a mountain first bank and trust co., a lot of banks are having problems. >> thousands of banks are having troubles. you have to have a certain amount of capital and a program called trust preferred securities are the main methods that people get additional capital without diluting their materials. >> they have had problems, they have had these because they previously sold to a lot of these little banks. >> and that particular market and that they were in is dead, cdo's. investors everywhere are not wanting to buy them. >> is there no way to get capital set to sell these trust preferred securities? >> the owner of the bank, you really don't want to dilute your own shares. >> they can't get money from the fed? >> you can can't do that and not have capital. you can borrow a $12 amount for every dollar you raise. >> how long can they survive like this? lending is one of their main businesses. >> absolutely. they cannot grow. what we have here is a situation where small banks can't get new projects under way and they have to shrink their existing books because they're having some loans go bad. >> we love having wilbur ross on. he is looking to buy up a bunch of banks and he has raised about $4 billion to do that. are these the banks he is looking for? >> probably of this size and a little bit bigger. >> maybe he could be a savior. >> he could be. <object width="320" height="260"><param name="movie" value="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/"></param><param name="flashvars" value="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635271&id=&cpt=8"></param><param name="allowfullscreen" value="true"></param><embed src="http://eplayer.clipsyndicate.com/cs_api/get_swf/1/" flashvars="swfHome=eplayer.clipsyndicate.com&csEnv=p&wpid=&va_id=635271&id=&cpt=8" type="application/x-shockwave-flash" allowfullscreen="true" width="320" height="260"></embed></object> Business,Banking,Bloomberg Business News